Bitcoin fell below $116,000 on Friday, marking its lowest level in over two weeks. The 2% daily drop brought the price down to around $115,000, a level last seen on July 10. Despite the decline, Bitcoin remains up nearly 9% over the past month and is still only a few percentage points below its all-time high of $123,100, set 11 days ago.
Widespread liquidations hit leveraged traders
The price movement triggered a large wave of liquidations across the crypto market. According to CoinGlass data, more than $492 million in long positions were liquidated in the past 24 hours. Bitcoin accounted for over $150 million of that figure, with Ethereum following with a similar number. In total, 180K traders were liquidated, with the majority of losses coming from long positions.
Some analysts described the event as a “leverage flush”, citing an excessive number of traders taking long positions following recent gains, particularly in Ethereum and various altcoins.
Altcoin performance mixed
Major altcoins displayed varied responses. Dogecoin and Solana recorded similar 2% declines, while Ethereum, Cardano, and Tron posted slight gains. XRP and BNB remained relatively stable, with BNB having reached a new all-time high just a day earlier. Although several altcoins are in the red over the past week, most continue to show double-digit gains for the month.
Market sentiment remains positive
Despite the correction, broader market sentiment remains optimistic. The Crypto Fear & Greed Index held steady at 70, reflecting ongoing “Greed” levels. This suggests that the market views the recent decline as a temporary move rather than a shift in trend.
With the market showing high activity but no clear external trigger, attention now turns to whether the price will stabilize or test lower support zones. The long-term uptrend remains intact, although short-term volatility continues to impact leveraged positions across the market.
